Bybit has declared the upcoming itemizing of zkSync. Accompanying this announcement is a contentious choice to reassign the “ZK” ticker, beforehand held by Polyhedra Network, to zkSync.
This choice has elicited numerous adverse responses, particularly from Polyhedra Network, which was sad with the change of branding.
Bybit Faces Backlash Over ZK Ticker Change
The battle over the “ZK” ticker arose when Bybit went public with its intention to make use of it for itemizing zkSync, an motion that interfered with Polyhedra Network’s rights to the ticker. In a social media submit, Polyhedra Network expressed their discontent with the change because it was just like being bullied and having their deserved ticker title stripped from them.
The response has been somewhat adverse because the individuals and different stakeholders have mentioned the chance and the ethicality of such a transfer. However, in its protection, Bybit has argued that this motion is a part of a pattern of streamlining of the companies supplied to its purchasers in addition to enhancing the structure of the buying and selling platform.
It’s unbelievable that, right here in 2024, even with the approval of the ETH ETF, there are nonetheless tasks that supply advantages to numerous events and rob others of their rightful ticker title.
Web3 was by no means meant to be a breeding floor for BULLYING. 🩸
— Polyhedra Network (@PolyhedraZK) May 24, 2024
Furthermore, to make sure that Bybit customers and different stakeholders don’t panic, Bybit has acknowledged that this modification in ticker is not going to affect the tokens that traders have with them regarding the Polyhedra Network tokens which might be already being traded on Bybit. Due to the truth that Bybit has continued supporting Polyhedra Network and its group after this incident, evidently the choice was not made as a consequence of hostility, however for the sake of enterprise.
Bybit Regulatory Challenges
This ticker controversy arises at a time when Bybit is going through some points with the regulatory our bodies. Earlier this month, the French monetary markets regulator AMF urged the residents to not use Bybit as the corporate has no license in France.
Nevertheless, Bybit needed to stop operations in France in October 2023 due to native laws, and its operations stay below scrutiny as the corporate seeks a license to function legally within the nation.
The reactions from the market to the bulletins made by Bybit have been combined. While a number of the group member are happy with the transfer as a result of it is going to allow them to focus on new listings, there are others who’re equally satisfied that it is going to be a adverse change that can have an effect on the credibility of tasks which have already been launched corresponding to Polyhedra Network.
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